OBAMA’S SOLAR ENERGY COMPANY GOES CHAPTER 11


ABC NEWS
:”Solyndra, a renewable energy firm that became the darling of the Obama Administration, shut the doors to its California headquarters today, raising fresh questions from the administration’s critics about political favoritism in the federal loan program.

The manufacturer of rooftop solar panels opened in 2005 and in 2009 became the Obama administration’s first recipient of an energy loan guarantee — a $535 million federal commitment that helped minimize the risk to venture capital firms that were backing the solar start-up. Obama made a personal visit to the factory last year to herald its bright future.

And it still goes out of business….

One of Solyndra’s major investors was George Kaiser, an Oklahoma billionaire who raised between $50,000 and $100,000 for Obama during the 2008 election.

The government loan guarantee was supposed to spur 1,000 full-time jobs once Solyndra’s solar plant was fully operational. Instead, as the company announced Chapter 11 bankruptcy today, reports surfaced that 1,100 would lose their jobs.

Obama at a Solyndra plant on May 26, 2010:

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